Foyert Corp. requires a minimum $7,400 cash balance. If necessary, loans are taken to meet...
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Accounting
Foyert Corp. requires a minimum $7,400 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on October 1 is $7,400 and the company has an outstanding loan of $3,400. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow.
October November December
Cash receipts: $ 23,400 $17,400 $ 21,400
Cash disbursements: 26,100 16,400 14,600
Prepare a cash budget for October, November, and December.
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